Lemonade (NYSE:LMND) Posts Quarterly Earnings Results, Meets Estimates

Lemonade (NYSE:LMND) issued its earnings results on Tuesday. The company reported ($0.56) earnings per share for the quarter, hitting the consensus estimate of ($0.56), FiscalAI reports. Lemonade had a negative return on equity of 26.52% and a negative net margin of 16.44%.The business had revenue of $294.40 million for the quarter, compared to analyst estimates of $291.01 million. During the same period last year, the company posted ($0.60) EPS. The business’s quarterly revenue was up 79.4% on a year-over-year basis.

Lemonade Price Performance

NYSE LMND traded down $15.30 on Wednesday, reaching $46.81. The company had a trading volume of 2,792,593 shares, compared to its average volume of 1,994,825. The firm has a market capitalization of $3.60 billion, a PE ratio of -24.82 and a beta of 1.79. Lemonade has a 1 year low of $35.70 and a 1 year high of $99.90. The firm has a 50-day moving average of $61.61 and a 200-day moving average of $64.10.

Insider Activity at Lemonade

In other news, insider Maya Prosor sold 1,220 shares of Lemonade stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $53.17, for a total transaction of $64,867.40. Following the sale, the insider owned 187,573 shares in the company, valued at $9,973,256.41. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Sheldon Peters sold 3,444 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $79.00, for a total transaction of $272,076.00. Following the completion of the transaction, the insider owned 77,942 shares of the company’s stock, valued at $6,157,418. This trade represents a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 10,007 shares of company stock valued at $620,201 in the last ninety days. 12.20% of the stock is owned by corporate insiders.

Institutional Trading of Lemonade

A number of hedge funds and other institutional investors have recently modified their holdings of LMND. AQR Capital Management LLC lifted its stake in shares of Lemonade by 107.3% in the first quarter. AQR Capital Management LLC now owns 30,490 shares of the company’s stock worth $958,000 after acquiring an additional 15,779 shares in the last quarter. Millennium Management LLC grew its stake in Lemonade by 255.2% during the 1st quarter. Millennium Management LLC now owns 329,934 shares of the company’s stock valued at $10,370,000 after purchasing an additional 237,044 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Lemonade during the 1st quarter valued at approximately $35,000. Goldman Sachs Group Inc. increased its holdings in Lemonade by 7.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 612,292 shares of the company’s stock worth $19,244,000 after purchasing an additional 41,759 shares during the last quarter. Finally, Prudential Financial Inc. purchased a new stake in Lemonade during the 2nd quarter worth approximately $307,000. 80.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LMND has been the subject of several research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $75.00 price target on shares of Lemonade in a research note on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lemonade in a report on Friday, July 17th. Keefe, Bruyette & Woods increased their target price on shares of Lemonade from $44.00 to $48.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 8th. Truist Financial cut their price target on shares of Lemonade from $98.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lemonade in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $66.78.

About Lemonade

Lemonade, Inc (NYSE: LMND) is a New York–based technology-driven insurance carrier that leverages artificial intelligence and behavioral economics to streamline the purchase and management of policies. Founded in 2015, the company offers renters, homeowners, pet, term life and car insurance products tailored for digitally savvy consumers. By automating underwriting and claims processing through chatbots and machine learning, Lemonade aims to deliver a more transparent and user-friendly experience than traditional insurers.

The company’s product suite includes standalone policies for renters and homeowners, customizable pet insurance plans, and term life coverage with simple online applications.